Hockey's Claytons tax solution - Media Release

Today's announcement of a UK-Australia working group on multinational tax is classic Joe Hockey: all talk and no action.

From opposition, Labor has released a carefully-costed and measured package to tackle multinational profit shifting. Our plan would add $7.2 billion to the budget bottom line over the coming decade.

With all the resources of government at his disposal, the best Joe Hockey can do is come up with a plan to have a plan.

We strongly support coordinated international action to tackle profit shifting alongside Australia's allies and partners.

But it is also critical to take action here at home to close loopholes and tighten Australia's tax net. Labor's plan would do that by cracking down on company tax deductions and properly resourcing the Australian Taxation Office.

If Joe Hockey is serious about ensuring multinationals pay their fair share, why is he still refusing to even consider Labor's package? We're still waiting for The Treasurer's call and the clock is ticking down to the budget.